EU pumps €7.2 million into Ghana’s banana export Industry

Core Tip: In order to improve the competitiveness of Ghana’s banana export industry over €7.2 million has been invested into two banana farms by the European Union (EU), My Journal Online has learned.

In order to improve the competitiveness of Ghana’s banana export industry over €7.2 million has been invested into two banana farms by the European Union (EU), My Journal Online has learned.

From a continent perspective, Latin American (excluding Mexico) and Caribbean countries accounted for the highest dollar value worth of banana exports with shipments amounting to $7.1 billion or 60.5% of global banana sales.

Currently, Ghana exports about 65,000 tonnes of bananas; barely 1 percent of the global banana export market. With the gradual cut in tariffs on exports from non-ACP members, Ghana is losing competitiveness.

The project investment is a joint partnership between the European Union and the Ministry of Finance. Under this intervention or Aid scheme by the EU, a total amount of €7,240,000 has been invested in two companies -Golden Exotic Limited and Volta River Estate Limited- with the aim of boosting the competitiveness of two companies.